By William D. Cohan
From the bestselling, prize-winning writer of THE final TYCOONS and condo OF playing cards, a revelatory heritage of Goldman Sachs, the main dominant, feared, and arguable funding bank in the world.
For a lot of its storied 142-year background, Goldman Sachs has projected a picture of being larger than its competitors--smarter, extra collegial, extra moral, and much extra ecocnomic. The firm--buttressed through the main competitive and complicated p.r. laptop within the monetary industry--often boasts of "The Goldman Way," a company version predicated on hiring the main gifted humans, indoctrinating them in a company tradition the place companions stifle their egos for the better reliable, and honoring the "14 Principles," the 1st of that's "Our clients' pursuits constantly come first."
But there's in a different way of viewing Goldman--a secretive money-making laptop that has straddled the road among conflict-of-interest and legit deal-making for many years; a company that has exerted undue effect over govt because the early a part of the 20 th century; a firm composed of "cyborgs" who're stored in line by way of an inner "reputational possibility department" staffed via former CIA operatives and personal investigators; a place of work rife with brutal energy struggles; a Wall highway titan whose smart guess opposed to the loan industry in 2007--a guess no longer published to its clients--may have made the bankruptcy of the nice Recession worse.
As William D. Cohan indicates in his riveting chronicle of Goldman's upward push to the summit of worldwide capitalism, the company has proven a extraordinary skill to climate monetary crises, congressional, federal and SEC investigations, and diverse court cases, all with its acceptance and its huge, immense gains intact. By reading hundreds of thousands of pages of presidency files, lawsuits, SEC filings, Freedom of data Act papers and different assets, and engaging in over a hundred interviews, together with interviews with consumers, rivals, regulators, present and previous Goldman staff (including the six living males who've run Goldman), Cohan has developed a vibrant narrative that appears in the back of the veil of secrecy to bare how Goldman has turn into so ecocnomic, and so powerful.
Part of the answer's the firm's assiduous cultivation of individuals in power--dating again to 1913, while Henry Goldman instructed the govt on how the hot Federal Reserve, designed to supervise Wall highway, could be constituted. Sidney Weinberg, who ran the enterprise for 4 many years, prompt presidents from Roosevelt to Kennedy and was once nicknamed "The Politician" for his behind-the-scenes friendships with govt officials. Goldman executives ran fundraising efforts for Nixon, Reagan, Clinton and George W. Bush. The enterprise showered profitable consulting or conversing charges on figures like Henry Kissinger and Lawrence Summers. Famously, and fatefully, Goldman leaders-- Robert Rubin and Henry Paulson--became Secretaries of the Treasury, the place their actions either sooner than and during the monetary quandary of 2008 became the stuff of controversy and conspiracy theories.
Another significant strand within the firm's DNA is its eagerness to deal on each side of a transaction, eliding questions of clash of curiosity via the mere statement in their innate honesty and the Aristocracy, a chorus repeated repeatedly in its historical past, so much notoriously by way of present Goldman CEO Lloyd Blankfein's jesting statement that he was once doing "God's work."
As Michiko Kakutani's New York instances review of apartment OF playing cards stated, "Cohan writes with an insider's wisdom of the workings of Wall road, a reporter's investigative instincts and a average storyteller's narrative command." In cash & strength, Cohan has marshaled some of these presents in a strong and definitive account of an establishment whose public claims of advantage glance greatly like ruthlessness whilst uncovered to the sunshine of day.